Really popular fly in Iceland and works really well. Almost all fishermen have this fly in their box while fishing in Iceland.
I’ve seen many versions of this fly, with bead and without. I usually tie it with a gold bead and without a bead in sizes 8 to 14. It is sometimes made heavier with a little bit of led or tungsten.
Hook: 8-14 streamer or grubber
Thread: Black 6/0
Head: Bead gold/silver/steel or none
Body: Peacock herl
Collar/Tail: Red/orange/pink floss or thread
How I tie the fly
First start by tying in 3-5 peacock herl fibers. Then wrap the peacock fibers around the tread and in closed turns wrap the thread towards the head of the fly. Stop about 2-3 millimeters from the head, fasten the fibers and remove the excess fibers. Next create a small head and tie in the collar thread/floss. Wrap the collar thread/floss a few turns, to create a 1-2 millimeter thick band on the head. Then finish the head and secure it with some head cement.